4 Steps to Settle Your Debt
Mark W Miller in his book, The Sensible Saver outlines 4 steps on how to settle your debt:
1. Gather all your bills together, write down each account’s total balance and its corresponding monthly payment;
2. Rank the payments in order of lowest to highest. You will pay off your bills in this order;
3. The amount you have determined to help start your plan is the extra amount you should now pay to bill number one every month until it is paid off. You have to keep making the regular payments too; and
4. After you pay off this debt, take the initial extra pay-off amount plus the amount you were paying to bill number one and apply it to bill number two. Continue this process for every bill in the order it is ranked.
May the Force be with you.
Source: Him
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